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Real Estate Agent
A real estate broker or a real estate agent is a person who represents sellers or buyers of real estate or real property. While a broker may work independently, an agent usually work under a licensed broker to represent clients.[1] Brokers and agents are licensed by the state to negotiate sales agreements and manage the documentation required for closing real estate transactions. In North America, some brokers and agents are members of the National Association of Realtors (NAR), the largest trade association for the industry.[2] NAR members are obligated by a code of ethics that go above and beyond state legal requirements to work in the best interest of the client.[3]Buyers and sellers are generally advised to consult a licensed real estate professional for a written definition of an individual state’s laws of agency, and many states require written disclosures to be signed by all parties outlining the duties and obligations.
Generally, real estate brokers/ agents fall into four categories of representation:
- Seller’s Agents, commonly called “listing brokers” or “listing agents,” are contracted by owners to assist with marketing property for sale and/or lease.
- Buyer’s Agents are brokers or salespersons who assist buyers by helping them purchase property.
- Dual Agents help both the buyer and the seller in the same transaction. To protect their license to practice, a real estate broker owes both parties fair and honest dealing and must request that both parties (seller and buyer) sign a dual agency agreement. Special laws/rules often apply to dual agents, especially in negotiating price. In dual agency situations, a conflict of interest is more likely to occur, typically resulting in the loss of advocacy for both parties .Individual state laws vary and interpret dual agency rather differently, with some no longer allowing it. In some states, Dual Agency can be practiced in situations where the same brokerage (but not agent) represent both the buyer and the seller. If one agent from the brokerage has a home listed and another agent from that brokerage has a buyer-brokerage agreement with a buyer who wishes to buy the listed property, dual agency occurs by allowing each agent to be designated as an “intra-company” agent. Only the broker himself is the Dual Agent.
- Transaction Brokers provide the buyer and seller with a limited form of representation but without any fiduciary obligations. Having no more than a facilitator relationship, transaction brokers assist buyers, sellers, or both during the transaction without representing the interests of either party who may then be regarded as customers. The assistance provided are the legal documents for an agreement between the buyer and seller on how a particular transfer of property will happen.
A real estate broker typically receives a real estate commission for successfully completing a sale. Across the U.S. this commission can generally range between 5-6% of the property’s sale price for a full service broker but this percentage varies by state and even region.[4] This commission can be divided up with other participating real estate brokers or agents. Flat-fee brokers and Fee-for-Service brokers can charge significantly less depending on the type of services offered.
Waco
Waco (/ˈweɪkoʊ/ way-koh) is a city which is the county seat of McLennan County, Texas, United States.[3] It is situated along the Brazos River and I-35, halfway between Dallas and Austin. The city had a 2010 population of 124,805, making it the 22nd-most populous city in the state.[4] The US Census 2015 population estimate is 132,356.[5] The Waco Metropolitan Statistical Area consists of McLennan and Falls Counties, which had a 2010 population of 234,906.[6] Falls County was added to the Waco MSA in 2013. The US Census 2016 population estimate for the Waco MSA is 265,207.[7]
Indigenous peoples occupied areas along the river for thousands of years. In historic times, the area of present-day Waco was occupied by the Wichita Indian tribe known as the “Waco” (Spanish: Hueco or Huaco).
In 1824, Thomas M. Duke was sent to explore the area after the Waco people tried to defend themselves and their lands from settlers. His report to Stephen F. Austin, described the Waco village:
After further violence due to settler incursion, Austin halted an attempt to destroy their village in retaliation. In 1825, he made a treaty with them. The Waco were eventually pushed out of the region, settling north near present-day Fort Worth. In 1872, they were forced onto a reservation in Oklahoma with other Wichita tribes. In 1902, the Waco received allotments of land and became official US citizens. Neil McLennan settled in an area near the South Bosque River in 1838.[8] Jacob De Cordovabought McLennan’s property[9] and hired a former Texas Ranger and surveyor named George B. Erath to inspect the area.[10]In 1849, Erath designed the first block of the city. Property owners wanted to name the city Lamartine, but Erath convinced them to name the area Waco Village, after the Indians who had lived there.[11] In March 1849, Shapley Ross built the first house in Waco, a double-log cabin, on a bluff overlooking the springs. His daughter Kate was the first settler child to be born in Waco.[12]